Res 02-356
RESOLUTION NO. 02-356
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF FEDERAL WAY, WASHINGTON, AMENDING THE. CITY'S
401 (A) MONEY PURCHASE PLAN (AMENDS NO.99-
307) .
NAME OF EMPLOYER: CITY OF FEDERAL WAY, WASHINGTON
EMPLOYER PLAN NUMBER: 107222
WHEREAS, the City of Federal Way ("City") has employees
rendering valuable services; and
WHEREAS,
pursuant
to Resolution No.
99-307
the ci ty
Council established a qualified retirement plan for such employees
that serves the interest of the City by enabling it to provide
reasonable retirement security for its employees, by providing
increased flexibility in its personnel management system, and by
assisting in the attraction and retention of competent personnel;
and
WHEREAS, the City has determined that the continuance of
the qualified retirement plan will serve these objectives; and
WHEREAS, amendments to the Internal Revenue Code have
been enacted that require changes to the structure of and allow
enhancements of the benefits of the qualified retirement plan;
Res. ~2-356, Page 1
ORIGINAL
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF FEDERAL
WAY HEREBY RESOLVES AS FOLLOWS:
Section 1.
Plan Form.
The Ci ty hereby amends and
restates the qualified retirement plan (the "Plan") in the form of
the ICMA Retirement Corporation Governmental Money Purchase Plan
and Trust, a copy of which is attached hereto and incorporated
herein by this reference.
Section 2.
Plan Assets.
The assets of the Plan shall be
held in trust, with the City serving as trustee, for the exclusive
benefit of the Plan participants and their beneficiaries, and the
assets shall not be diverted to any other purpose.
The Trustee's
beneficial ownership of Plan assets held in Vantage Trust shall be
held for the further exclusive benefit of the Plan participants and-
their beneficiaries.
Section 3.
Plan Loans.
The Plan will not permit loans.
Section 4.
Plan Trustee.
The City hereby agrees to
serve as Trustee under the Plan.
Section 5.
Severability.
If any section,
sentence,
clause or phrase of this resolution should be held to be invalid or
unconstitutional
by
a
court
of
competent
jurisdiction,
such
invalidity or unconstitutionality shall not affect the validity or
Res. #02-356, Page 2
constitutionality of any other section, sentence, clause or phrase
of this resolution.
Section 6.
Ratification.
Any act consistent.with the
authority and prior to the effective date of the resolution is
hereby ratified and affirmed.
Section 7.
Effective Date.
In accordance with the
changes in the Internal Revenue Code, this resolution shall be
effective January 1, 2002.
RESOLVED BY THE CITY COUNCIL OF THE CITY OF FEDERAL WAY,
WASHINGTON, this ~ day of
February
, 2002.
CITY OF FEDERAL WAY
~~-~
ATTEST:
cQLŒ~~
APPROVED AS TO FORM:
fYrd; iJ/:tt&<L~/-hv
CITY ATTORNEY, BOB C. STERBANK
Res. ID2-356 , Page 3
FILED WITH THE CITY CLERK: 01/25/02
PASSED BY THE CITY COUNCIL :02/05/02
RESOLUTION NO. 02-356
K, \Resolution\'.'aplan2..2
Res. #~, Page 4
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